Kraken Institutional, the specialized division catering to institutional investors of US-based crypto exchange Kraken, has recently announced the international expansion of its custody services into the UK and Australia. This move marks a significant milestone in the company’s growth and development within the crypto industry.
With the official press release stating that institutional clients in the UK and Australia can now utilize Kraken Custody to securely store, manage, and transfer their crypto assets, Kraken is taking a strategic step towards increasing its global presence. This decision comes after Kraken’s successful launch earlier this year, highlighting the company’s commitment to meeting the needs of its institutional clients across different regions.
Tim Ogilvie, Head of Kraken Institutional, emphasized the importance of expanding into the UK and Australia, noting their established institutional crypto scenes. This move not only solidifies Kraken’s position in the global market but also opens up new opportunities for institutional investors in these regions to engage with the asset class. Additionally, Kraken’s recent partnership with Atlético de Madrid showcases the company’s efforts to bridge the gap between the crypto industry and the sports realm, creating significant opportunities for both sectors.
Through Kraken Financial, a US state-chartered bank, Kraken Custody offers qualified custody services in select US states. With the extension of these services to the UK and Australia, Kraken Financial will directly provide custody solutions, ensuring that funds and assets are securely held separate from the exchange. The platform’s support for Bitcoin, Ethereum, and USDC demonstrates its commitment to serving a wide range of assets, with plans to include additional cryptocurrencies in the near future.
In addition to its expansion efforts, Kraken continues to innovate in the crypto space with the launch of its self-custodial mobile wallet, Kraken Wallet. This wallet allows users to manage their tokens, NFTs, and DeFi activities across multiple blockchains, offering a convenient and secure solution for crypto enthusiasts. Moreover, reports suggest that Kraken is exploring the possibility of raising over $100 million in its final funding round before potentially going public, signaling the company’s ambitious growth plans.
Kraken’s international expansion of custody services, strategic partnerships, and innovative product offerings position the company as a key player in the evolving crypto landscape. By catering to institutional investors and leveraging its expertise in the industry, Kraken demonstrates its commitment to driving adoption and innovation in the digital asset space.
